第一能源 (FE) 2025 Q3 法說會逐字稿

Hello, and welcome to the FirstEnergy Corp. third quarter 2025 earnings conference call. As a reminder, this conference is being recorded.

您好，歡迎參加 FirstEnergy Corp. 2025 年第三季財報電話會議。提醒一下，本次會議正在錄製中。

It is now my pleasure to turn the call over to Karen Sagot, Vice President of Investor Relations. Please go ahead, Karen.

現在我很高興將電話轉給投資人關係副總裁 Karen Sagot。請繼續，凱倫。

Thank you. Good morning, everyone, and welcome to FirstEnergy's third quarter 2025 earnings review. Our earnings release, presentation slides, and related financial information are available on our website at firstenergycorp.com/ir.

謝謝。大家早安，歡迎參加 FirstEnergy 2025 年第三季財報回顧。我們的收益報告、簡報投影片和相關財務資訊可在我們的網站 firstenergycorp.com/ir 上找到。

Today's discussion will include the use of non-GAAP financial measures and forward-looking statements, which are subject to risks and uncertainties. Factors discussed in our earnings news release during today's conference call and in our SEC filings could cause our actual results to differ materially from these forward-looking statements.

今天的討論將包括使用非公認會計準則財務指標和前瞻性陳述，這些指標和陳述都存在風險和不確定性。我們在今天的電話會議中的收益新聞稿和我們向美國證券交易委員會提交的文件中討論的因素可能會導致我們的實際結果與這些前瞻性陳述有重大差異。

The appendix of today's presentation includes supplemental information, along with the reconciliation of non-GAAP financial measures. Please read our cautionary statement and discussion of non-GAAP financial measures on slides 2 and 3 of the presentation.

今天簡報的附錄包括補充資訊以及非公認會計準則財務指標的對帳。請閱讀簡報第 2 張和第 3 張投影片上的警告聲明和非 GAAP 財務指標的討論。

Our Chair, President and Chief Executive Officer, Brian Tierney, will lead our call today. He will be joined by Jon Taylor, our Senior Vice President and Chief Financial Officer. They will discuss the team's continued strong execution and performance on key financial metrics as well as our bright outlook and positive momentum as we close the year.

我們的董事長、總裁兼執行長 Brian Tierney 將主持今天的電話會議。我們的高級副總裁兼財務長喬恩泰勒 (Jon Taylor) 將與他一起出席。他們將討論團隊在關鍵財務指標上的持續強勁執行力和表現，以及我們在年底的光明前景和積極勢頭。

Topics include raising our full-year 2025 guidance midpoint and narrowing the range, increasing our 2025 capital plan, our expectations for incremental investment opportunities, and our progress and time frame on regulatory activities.

主題包括提高我們 2025 年全年指導中點並縮小範圍、增加我們 2025 年的資本計劃、我們對增量投資機會的預期以及我們在監管活動方面的進展和時間框架。

Now, it's my pleasure to turn the call over to Brian.

現在，我很高興將電話轉給布萊恩。

Thank you, Karen. Good morning, everyone. Thank you for joining us today and for your interest in FirstEnergy. We are having a great year with strong results across all of our key financial metrics. Yesterday, we reported third-quarter GAAP earnings of $0.76 per share compared to $0.73 in the third quarter last year.

謝謝你，凱倫。大家早安。感謝您今天加入我們並對 FirstEnergy 感興趣。今年我們取得了豐碩的成果，所有關鍵財務指標都取得了強勁的成績。昨天，我們報告第三季 GAAP 收益為每股 0.76 美元，去年第三季為 0.73 美元。

Core earnings were $0.83 per share for the quarter compared to $0.76 in the third quarter of 2024. For the year-to-date period, our core earnings were $2.02 per share compared to $1.76 in 2024, an increase of 15%. Our results benefited from strong execution of our customer-focused investment plan, Pennsylvania base rates that went into effect in January, and strong financial discipline.

本季核心收益為每股 0.83 美元，而 2024 年第三季為 0.76 美元。年初至今，我們的核心收益為每股 2.02 美元，而 2024 年為 1.76 美元，成長了 15%。我們的業績得益於以客戶為中心的投資計畫的有力執行、一月份生效的賓州基準利率以及嚴格的財務紀律。

Through the first nine months of 2025, we invested $4 billion of capital in our regulated utilities. This is a 30% increase compared to last year. We are pleased to be in a position to put even more resources into system reliability and resiliency for our customers. Today, we are announcing a 10% increase to our 2025 capital investment program to $5.5 billion.

到 2025 年前九個月，我們向受監管的公用事業投資了 40 億美元。與去年相比，成長了30%。我們很高興能夠為客戶的系統可靠性和彈性投入更多資源。今天，我們宣布將 2025 年資本投資計畫增加 10%，達到 55 億美元。

With our strong year-to-date results, we are raising our 2025 guidance midpoint and narrowing our range to $2.50 to $2.56 per share. We remain positive about the opportunities ahead. We are reaffirming our core earnings compounded annual growth rate of 6% to 8%. And early next year, we expect to roll out a higher CapEx plan for the 2026 through 2030 planning period.

憑藉今年迄今的強勁業績，我們將提高 2025 年的指導中點，並將範圍縮小至每股 2.50 美元至 2.56 美元。我們對未來的機會保持樂觀。我們重申核心獲利的年複合成長率為 6% 至 8%。明年年初，我們預計將推出 2026 年至 2030 年規劃期更高的資本支出計畫。

Turning to slide 6. Load growth from data centers continues to transform our industry. FirstEnergy service territory, expertise, and assets are ideally positioned to support the remarkable demand growth and economic opportunity within and adjacent to our footprint.

翻到幻燈片 6。資料中心的負載成長持續改變我們的產業。FirstEnergy 的服務區域、專業知識和資產處於理想位置，可以支援我們業務範圍內及週邊地區顯著的需求成長和經濟機會。

Within our operational area, data center interest remains high. Our long-term pipeline of demand, which includes interconnection requests from serious and reputable customers has nearly doubled since our fourth-quarter earnings call in February. Our contracted customer demand increased by over 30% during the same period. The impact of this demand will be tremendous.

在我們的營運區域內，資料中心的興趣仍然很高。自從二月召開第四季度財報電話會議以來，我們的長期需求（包括來自認真且信譽良好的客戶的互連請求）幾乎翻了一番。同期，我們的合約客戶需求增加了30%以上。這種需求的影響將是巨大的。

Based on data center customers who are contracted or in our pipeline, we expect FirstEnergy's system peak load to increase 15 gigawatts or nearly 50% from 33.5 gigawatts this year to 48.5 gigawatts in 2035. Across PJM, peak load projections are forecasted to increase by nearly 48 gigawatts by 2035 or 30% of the current peak load of 162 gigawatts.

根據已簽約或正在籌備中的資料中心客戶，我們預計 FirstEnergy 的系統尖峰負載將從今年的 33.5 千兆瓦增加 15 千兆瓦或近 50% 至 2035 年的 48.5 千兆瓦。預計到 2035 年，PJM 地區的峰值負載將增加近 48 千兆瓦，或達到目前 162 千兆瓦峰值負載的 30%。

FirstEnergy is uniquely situated to support this growing demand through customer-focused investments, specifically in our transmission system. This system is located in the heart of PJM, interconnecting with a broad number of neighboring utilities and encompassing strategic high-voltage corridors that are a vital part of the transmission grid.

FirstEnergy 具有獨特的優勢，可以透過以客戶為中心的投資（特別是在我們的輸電系統方面）來滿足這種不斷增長的需求。該系統位於 PJM 的中心地帶，與眾多鄰近的公用事業單位互連，並涵蓋作為輸電網重要組成部分的戰略高壓走廊。

Turning to slide 7. Earlier this month, we submitted our integrated resource plan in West Virginia that lays out our recommendations to keep power affordable, accessible, and reliable over the next decade. The IRP indicates a capacity need in West Virginia beginning in 2027. Our preferred plan provides the flexibility to adapt to the rapidly changing energy landscape while delivering reliable and cost-effective energy to West Virginia homes and businesses.

翻到幻燈片 7。本月初，我們在西維吉尼亞州提交了綜合資源計劃，其中列出了我們在未來十年內保持電力價格合理、方便和可靠的建議。IRP 顯示西維吉尼亞州從 2027 年開始需要容量。我們的首選計劃提供了靈活性，以適應快速變化的能源格局，同時為西維吉尼亞州的家庭和企業提供可靠且經濟高效的能源。

Key aspects of the plan include adding 70 megawatts of utility scale solar in 2028, adding 1.2 gigawatts of dispatchable gas combined cycle generation around 2031, keeping our Fort Martin and Harrison coal plants operational through the planning period, and using short-term power purchases to bridge the gap until new resources are online.

該計劃的關鍵方麵包括在 2028 年增加 70 兆瓦的公用事業規模太陽能，在 2031 年左右增加 1.2 千兆瓦的可調度燃氣聯合循環發電，在規劃期間保持我們的 Fort Martin 和 Harrison 燃煤電廠的運營，並使用短期電力購買來彌補缺口，直到新資源上線。

The proposed gas and solar investments are aligned with Governor Morrisey's 50 by 50 initiative, which aims to boost West Virginia's energy capacity to 50 gigawatts by 2050. We are pleased to pursue generation projects in a state with strong executive, legislative, and regulatory support. To provide the best outcomes for West Virginians, we plan to issue a build-to-own transfer RFP for up to the full 1.2 gigawatts of natural gas resources.

擬議的天然氣和太陽能投資與州長莫里西的「50×50」計畫一致，該計畫旨在到 2050 年將西維吉尼亞州的能源容量提高到 50 吉瓦。我們很高興在擁有強大行政、立法和監管支持的州開展發電項目。為了給西維吉尼亞州人民帶來最好的結果，我們計劃針對高達 1.2 千兆瓦的天然氣資源發佈建設自有轉讓 RFP。

We are also evaluating building a portion or the entirety of this generation on our own. In the first quarter of 2026, we plan to file with the Public Service Commission seeking approval of the new gas generation. The proposed assets represent a 35% increase to our current regulated generation portfolio. This is an exciting opportunity for FirstEnergy, and we are pleased to support customer needs and economic growth in West Virginia.

我們也在評估自己打造這一代的一部分或全部。2026 年第一季度，我們計劃向公共服務委員會提交申請，尋求新天然氣發電的批准。擬議的資產將使我們目前受監管的發電組合增加 35%。對於 FirstEnergy 來說，這是一個令人興奮的機會，我們很高興能夠支持西維吉尼亞州的客戶需求和經濟成長。

Turning to slide 8. As I mentioned earlier, our transmission system will require significant incremental investments to ensure reliable electric service. At our standalone transmission and integrated segments, we need to ensure our critical infrastructure is resilient and reliable, especially as demand is projected to increase in the region.

翻到幻燈片 8。正如我之前提到的，我們的輸電系統需要大量的增量投資才能確保可靠的電力服務。在我們的獨立傳輸和整合部門，我們需要確保我們的關鍵基礎設施具有彈性和可靠性，特別是在該地區的需求預計會增加的情況下。

This includes investments to replace aging infrastructure, improve system performance, and increase operational flexibility. We are also participating in regional network upgrades, which are the investments awarded through PJM's RTEP open window process. This includes required system upgrades and improvements to address reliability, security, and load demands of the bulk electric system.

這包括更換老化基礎設施、改善系統效能和提高營運靈活性的投資。我們還參與了區域網路升級，這是透過 PJM 的 RTEP 開放窗口流程授予的投資。這包括所需的系統升級和改進，以滿足大容量電力系統的可靠性、安全性和負載需求。

Over the last few years, we have been awarded $4 billion of capital investments through the PJM open window process. We recently submitted proposals of capital investments through the 2025 open window to support increasing demand in Ohio, Pennsylvania, and Virginia. These proposed investments include several new and upgraded substations and high-voltage lines needed to support the increasing customer demand.

在過去幾年裡，我們透過 PJM 開放窗口流程獲得了 40 億美元的資本投資。我們最近提交了透過 2025 年開放窗口進行資本投資的提案，以支持俄亥俄州、賓夕法尼亞州和維吉尼亞州日益增長的需求。這些擬議的投資包括建造和升級幾個變電站以及高壓線路，以滿足日益增長的客戶需求。

The PJM Board is expected to award transmission projects in this open window by the first quarter of 2026. Any projects awarded to FirstEnergy in this open window will be included in our new five-year plan.

PJM 董事會預計將在 2026 年第一季之前在這個開放窗口期內授予輸電項目。在此開放窗口期內授予 FirstEnergy 的任何專案都將納入我們的新五年計劃。

We now expect transmission investments included in the 2026 to 2030 capital plan to increase by 30% versus our current five-year plan. This includes increases from reliability enhancements and regulatory required investments to improve the overall health and performance of our most critical assets on the system and to address growing demand and changes in generation in the region.

我們現在預計，2026 年至 2030 年資本計畫中包含的輸電投資將比我們目前的五年計畫增加 30%。這包括增加可靠性和監管要求的投資，以改善系統中最關鍵資產的整體健康和性能，並滿足該地區日益增長的需求和發電變化。

Our company-wide transmission assets are a terrific growth engine. Our investments are expected to result in a compound transmission rate base growth of up to 18% per year through 2030. This means total transmission rate base would more than double through the planning period. On the generation side, we have a significant incremental investment opportunity associated with adding the 1.2 gigawatts of natural gas generation in West Virginia by 2031. This project, at an initial estimate of $2.5 billion, will be included in our long-term plan after we receive regulatory approval.

我們全公司的傳輸資產是一個強大的成長引擎。我們的投資預計將使到 2030 年複合輸電率基數成長率達到每年 18%。這意味著在規劃期間總傳輸率基數將增加一倍以上。在發電方面，到 2031 年，西維吉尼亞州的天然氣發電量將增加 1.2 千兆瓦，這將為我們帶來巨大的增量投資機會。該項目初步估算為 25 億美元，在獲得監管部門批准後，將納入我們的長期計劃。

Moving to slide 9. We're in a strong position to make all of these investments that benefit our customers while keeping affordability a top priority. Today, our bills are on average 2.5% of our customers' share of wallet and on average, are 19% below our in-state peers. Even with an increasing investment plan, we will be below our in-state peers for the foreseeable future.

移至幻燈片 9。我們有能力進行所有這些投資，使我們的客戶受益，同時將可負擔性放在首位。如今，我們的帳單平均佔客戶錢包份額的 2.5%，平均比州內同行低 19%。即使我們增加了投資計劃，但在可預見的未來，我們的投資水準仍將低於州內同業。

However, we recognize that affordability is top of mind for our customers and that, on average, electric bills have increased 11% for our customers in our four deregulated states over the last year. As we drill into this, the generation component of the bill is driving 85% of this increase. This type of increase is not sustainable and needs to be addressed with new dispatchable generation.

然而，我們意識到，負擔能力是客戶最關心的問題，去年，我們四個放鬆管制的州的客戶的電費平均上漲了 11%。深入研究後發現，帳單中的發電部分推動了 85% 的成長。這種成長是不可持續的，需要透過新的可調度發電來解決。

In that regard, we are advocating on behalf of our customers and working with state leadership in our deregulated states on how they can take the lead to drive meaningful change and attract new generation. It's a different story in West Virginia, our one traditionally integrated state. Total customer bills remain flat from 2024 to 2025, and the state is taking proactive steps through its IRP process and 50 by 50 program to maintain and expand its generating capacity.

在這方面，我們代表客戶進行倡導，並與我們放鬆管制的州的領導層合作，研究他們如何能夠帶頭推動有意義的變革並吸引新一代。在我們傳統上融合的州西維吉尼亞州，情況則有所不同。2024 年至 2025 年，客戶總帳單將保持不變，該州正在透過 IRP 流程和 50 x 50 計劃採取積極措施來維持和擴大其發電能力。

We are also working to protect current customers as demand increases from data center developers. This includes utilizing volumetric commitments and customer credit support as needed. Our approach leverages the balance sheet of the data center developers to protect existing customers.

隨著資料中心開發商的需求不斷增加，我們也努力保護現有客戶。這包括根據需要利用數量承諾和客戶信用支援。我們的方法是利用資料中心開發商的資產負債表來保護現有客戶。

Turning to slide 10. We are on track to have a successful year and look forward to a strong finish. Our updated earnings guidance of $2.50 to $2.56 per share is in the upper half of our original range. We are reaffirming our 6% to 8% core earnings CAGR through 2029. We are on pace to execute our 2025 to 2029 capital investment plan.

翻到第 10 張投影片。我們有望迎來成功的一年，並期待圓滿的結局。我們最新的每股收益預期為 2.50 美元至 2.56 美元，處於我們最初預期範圍的上半部分。我們重申到 2029 年核心獲利複合年增長率為 6% 至 8%。我們正在按計劃執行 2025 年至 2029 年的資本投資計劃。

And looking ahead, we see significant increase in our next five-year investment plan. Most of this growth will come from high-quality transmission investments backed by forward-looking rates with constructive ROEs.

展望未來，我們預計下一個五年投資計畫將大幅增加。大部分成長將來自具有建設性 ROE 的前瞻性利率支持的高品質輸電投資。

We're also excited about new opportunities to invest in generation in a state that is supportive of these efforts. Our value proposition remains strong, encompassing robust growth, consistent financial discipline, and attractive risk profile and a 10% to 12% total shareholder return opportunity with upside potential. We are on course, and we are committed to achieving our goals and realizing our bright future as a premier electric company.

我們也對在支持這些努力的州投資發電的新機會感到興奮。我們的價值主張仍然強勁，包括強勁的成長、一致的財務紀律、有吸引力的風險狀況以及具有上升潛力的 10% 至 12% 的總股東回報機會。我們正朝著目標前進，致力於實現我們的目標，成為一流的電力公司的美好未來。

Now, I'll turn the call over to Jon. Jon?

現在，我將把電話轉給喬恩。喬恩？

Thanks, Brian, and good morning, everyone. We had another strong quarter and continue to make excellent progress this year. We delivered on each of our key financial metrics, including core earnings, capital investments, base O&M, and cash from operations. You can review more details about our results, including reconciliations for core earnings and business segment drivers in the strategic and financial highlights presentation posted to our IR website yesterday afternoon.

謝謝，布萊恩，大家早安。我們又度過了一個強勁的季度，並在今年繼續取得優異的進展。我們實現了每項關鍵財務指標，包括核心收益、資本投資、基礎營運與維護以及經營現金流。您可以在昨天下午發佈到我們的 IR 網站的戰略和財務亮點演示文稿中查看有關我們業績的更多詳細信息，包括核心收益和業務部門驅動因素的對賬。

We delivered third-quarter core earnings of $0.83 per share, a 9% increase versus 2024. This improvement was largely a result of new distribution base rates in Pennsylvania that went into effect earlier this year and total transmission rate base growth of 11%, including 9% for our ownership in stand-alone transmission rate base and 16% in transmission rate base within our integrated business.

我們第三季的核心收益為每股 0.83 美元，較 2024 年成長 9%。這一改善很大程度上是由於今年早些時候賓州生效的新配電基準費率以及總輸電費率基準增長了 11%，其中包括我們擁有的獨立輸電費率基準增長了 9%，以及我們綜合業務內的輸電費率基準增長了 16%。

Additionally, as a result of our strong performance this year, especially with our controllable operating expenses, we were able to move a modest amount of maintenance work into the third quarter from future years, which gives us flexibility within our plan.

此外，由於我們今年的強勁表現，特別是我們的營運費用可控，我們能夠將少量的維護工作從未來幾年轉移到第三季度，這為我們的計劃提供了靈活性。

Through the first nine months of the year, core earnings improved to $2.02 per share, a 15% increase from the first nine months of 2024. Again, our strong year-to-date results largely reflect the execution of our regulated strategies, stronger customer demand, and transmission rate base growth.

今年前九個月，核心收益增至每股 2.02 美元，較 2024 年頭九個月成長 15%。再次，我們今年迄今的強勁業績在很大程度上反映了我們監管策略的執行、更強勁的客戶需求以及輸電率基數的成長。

I want to take just a second to highlight the financial performance and growth in each of our regulated businesses. In our distribution business, the $0.20 improvement in year-to-date earnings is a result of the $225 million annual rate adjustment in Pennsylvania that supports the capital investments and operating expenses we are deploying back into that business as well as higher customer demand and lower operating expenses as we execute on continuous improvement initiatives.

我想花一點時間來強調我們每個受監管業務的財務表現和成長。在我們的分銷業務中，年初至今的收益增長了 0.20 美元，這是由於賓州 2.25 億美元的年度費率調整，該調整支持了我們重新投入該業務的資本投資和營運費用，以及更高的客戶需求和更低的營運費用，因為我們執行了持續改進計劃。

In our Integrated segment, earnings improved $0.05 per share or 7% for the year-to-date period, resulting primarily from formula rate investments in the transmission system in New Jersey, West Virginia, and Maryland and higher customer demand, partially offset by higher depreciation.

在我們的綜合部門，年初至今的每股收益增加了 0.05 美元，即 7%，這主要得益於新澤西州、西弗吉尼亞州和馬裡蘭州輸電系統的公式費率投資以及更高的客戶需求，但折舊增加部分抵消了這一增長。

And finally, in our stand-alone transmission business, earnings increased approximately 7%, resulting from our strong capital investment program, delivering owned rate base growth of 9%, which was partially offset by the impact of new debt at FET Holding Company and the full year dilution impact of the FET minority interest sale.

最後，在我們的獨立輸電業務中，收益增長了約 7%，這得益於我們強大的資本投資計劃，使自有費率基準增長了 9%，但這部分被 FET 控股公司的新債務的影響和 FET 少數股權出售的全年稀釋影響所抵消。

As you can see, our performance year-to-date at our regulated businesses is a testament to the execution on our regulated strategies, the constructive rate designs we have in each of our businesses, our strong customer-focused investment programs and a focus on financial discipline. Through the first nine months of 2025, sales were 1% higher than last year and essentially flat on a weather-adjusted basis.

如您所見，我們受監管業務今年迄今為止的業績證明了我們受監管策略的執行情況、我們在每項業務中的建設性利率設計、我們強大的以客戶為中心的投資計劃以及對財務紀律的關注。2025 年前 9 個月，銷售額比去年同期成長 1%，經天氣調整後基本持平。

For our industrial class, based on ramp-up schedules of some of our data center customers, we expect to see more meaningful increases in industrial load beginning in Q4 and into next year.

對於我們的工業類別，根據一些資料中心客戶的提升計劃，我們預計從第四季度開始到明年，工業負荷將出現更有意義的成長。

As Brian mentioned, through September, we deployed $4 billion of customer-focused investments, which is a 30% increase as compared to the same period of 2024. The majority of this increase was associated with transmission capital, both at our stand-alone transmission and integrated businesses, which in total was $1.9 billion of CapEx through the first nine months of the year, representing a 35% increase as compared to 2024.

正如 Brian 所提到的，截至 9 月份，我們已部署了 40 億美元的以客戶為中心的投資，與 2024 年同期相比成長了 30%。這一增長大部分與輸電資本有關，包括我們的獨立輸電業務和綜合業務，今年前九個月的資本支出總額為 19 億美元，與 2024 年相比增長了 35%。

For 2025, we are increasing our planned investments from $5 billion to $5.5 billion. Over half of the increase is in transmission CapEx with the remaining on the distribution system, largely reflecting reliability and storm restoration investments. The team continues to do a nice job ensuring that our capital investments are targeted at improving reliability and the customer experience.

到 2025 年，我們的計畫投資將從 50 億美元增加到 55 億美元。超過一半的成長來自輸電資本支出，其餘成長來自配電系統，主要反映了可靠性和風暴恢復投資。團隊繼續出色地完成工作，確保我們的資本投資用於提高可靠性和客戶體驗。

Additionally, even though our CapEx programs have increased significantly over the past few years, we have strong confidence in our ability to deliver, if not exceed these plans, given our capital planning process, which is based on known and specific projects with resiliency built into the portfolio and our broad and deep relationships with our vendors and suppliers.

此外，儘管我們的資本支出項目在過去幾年中大幅增加，但考慮到我們的資本規劃流程，我們對自己實現甚至超過這些計劃的能力充滿信心，該流程基於已知和特定的項目，這些項目具有內置於投資組合中的彈性，以及我們與供應商和供應商之間廣泛而深入的關係。

For O&M, we continue to track better than planned and largely in line with last year despite executing additional maintenance work this year, that will enhance reliability and give us flexibility as we finish this year and look to 2026.

對於營運和維護，儘管今年進行了額外的維護工作，但我們的進展仍然比計劃更好，並且與去年基本一致，這將提高可靠性，並為我們在結束今年並展望 2026 年時提供靈活性。

Our financial performance resulted in a consolidated return on equity of 10.1% on a trailing 12-month basis, which is slightly above our targeted ROE of 9.5% to 10% and represents a 70 basis point improvement from our 2024 consolidated return of 9.4%. Through September 30, to support our capital investments of $4 billion, cash from operations was $2.6 billion, which is better than our internal plan and an increase of more than $700 million as compared to 2024.

我們的財務表現導致過去 12 個月的綜合股本回報率為 10.1%，略高於我們 9.5% 至 10% 的目標股本回報率，比我們 2024 年 9.4% 的綜合回報率提高了 70 個基點。截至 9 月 30 日，為了支持我們 40 億美元的資本投資，營運現金為 26 億美元，比我們的內部計畫更好，與 2024 年相比增加了 7 億多美元。

And we successfully completed our 2025 financing plan with eight subsidiary debt transactions totaling nearly $3.5 billion at an average coupon of 4.8%, including a $450 million transaction at FirstEnergy Transmission and a $1.35 billion financing at JCP&L in the third quarter.

我們成功完成了 2025 年融資計劃，其中八筆子公司債務交易總額近 35 億美元，平均票面利率為 4.8%，其中包括第三季度在 FirstEnergy Transmission 進行的 4.5 億美元交易和在 JCP&L 進行的 13.5 億美元融資。

Including the successful $2.5 billion FE Corp. convertible debt offering in June, our 2025 capital markets program encompassed close to $6 billion of debt financing, all significantly oversubscribed at a weighted average rate of 4.4%, demonstrating the attractive credit profile of our utilities and business mix.

包括 6 月成功發行的 25 億美元 FE Corp. 可轉換債券在內，我們的 2025 年資本市場計劃涵蓋了近 60 億美元的債務融資，全部以 4.4% 的加權平均利率大幅超額認購，證明了我們的公用事業和業務組合具有吸引力。

And finally, to close out my updates, we do expect an order in the Ohio base rate case in November. As soon as practical after that, we plan to file a multi-year rate plan to ensure timely recovery of the important investments needed in the state. We are very pleased with our progress as we close out 2025. As I mentioned earlier, we are ahead of plan on all of our key financial metrics and look to carry this momentum in the final months of this year and as we begin 2026.

最後，總結我的最新消息，我們確實預計俄亥俄州基準利率案將於 11 月下達命令。此後，我們計劃盡快提交一份多年期利率計劃，以確保及時收回該州所需的重要投資。在 2025 年即將結束之際，我們對自己所取得的進展感到非常滿意。正如我之前提到的，我們在所有關鍵財務指標上都超出了計劃，並希望在今年最後幾個月以及 2026 年伊始保持這一勢頭。

In closing, the team is extremely focused on the value proposition that we offer to shareholders. We are focused on delivering enhanced customer experience through strong customer-focused investments, which in turn will allow us to provide solid risk-adjusted returns to our investors.

最後，團隊非常注重我們向股東提供的價值主張。我們致力於透過強大的以客戶為中心的投資來提供增強的客戶體驗，這反過來又使我們能夠為投資者提供穩健的風險調整回報。

The future is bright for FirstEnergy, whether it be industry-leading transmission investment opportunities, significant reliability investments in the distribution system, or the build-out of regulated generation in a supportive state like West Virginia, we have a strong business plan and the right team to execute. We are committed to continuing our positive momentum and delivering value for our shareholders.

FirstEnergy 的未來一片光明，無論是行業領先的輸電投資機會、配電系統的重大可靠性投資，還是在西弗吉尼亞州等支持性州建設受監管的發電廠，我們都有強大的商業計劃和合適的團隊來執行。我們致力於保持積極勢頭並為股東創造價值。

Thank you for your time. Now let's open the call to Q&A.

感謝您抽出時間。現在讓我們開始問答環節。

(Operator Instructions) Nick Campanella, Barclays.

（操作員指示）巴克萊銀行的 Nick Campanella。

I was just wondering on the West Virginia generation, you kind of talked about build and transfer versus self-build. Can you maybe talk about how you've recovered the capital in either scenario and how we should kind of think about the impact to earnings '28 through 2031?

我只是想知道，對於西維吉尼亞州的這一代人，您談到的是建設和轉讓與自建。您能否談談在這兩種情況下您是如何收回資本的，以及我們應該如何看待這對 2028 年至 2031 年收益的影響？

And I guess if you're just thinking about a build and transfer for 2031, is there really no earnings attribution until then? Or could there be milestone payments? Maybe you can expand on that.

我想，如果您只是考慮 2031 年的建設和轉移，那麼在此之前真的沒有收益歸屬嗎？或可以有里程碑付款嗎？也許你可以進一步闡述這一點。

Yes. So the build-own transfer, I think, is fairly straightforward. On the we build it side, we, of course, would file for CWIP during construction. And so we'd expect at least the recovery of that, if not the earnings component during the pendency of construction. But the real significant earnings component for that will come after the assets online.

是的。因此，我認為建設-擁有轉移相當簡單。在我們建造它方面，我們當然會在施工期間申請 CWIP。因此，我們預計至少這一部分會恢復，即使不能恢復建設期間的獲利部分。但真正重要的收益部分將在資產上線後產生。

Yes. Okay. And then just maybe how you're thinking about rate case strategy for '26, mostly asking on Maryland, West Virginia, New Jersey, where the ROEs are trending a little lower than authorized?

是的。好的。然後也許您是如何考慮 26 年的利率策略的，主要詢問馬裡蘭州、西弗吉尼亞州、新澤西州，這些地方的 ROE 趨勢略低於授權水平？

Nick, it's Jon. Yeah. So I think as we look to '26 and beyond, if you look back to the cadence that we went through, when we first started filing cases a few years ago, we started with Maryland, New Jersey, West Virginia. We'll start to look at that cadence as we move into 2026. Obviously, it's going to be important for our utilities to earn close to their allowed returns. And so as they're deploying capital, we need to make sure that we get timely recovery through increases in base rates.

尼克，我是喬恩。是的。因此，我認為，當我們展望 26 年及以後時，如果回顧一下我們經歷的節奏，當我們幾年前第一次開始提起訴訟時，我們從馬裡蘭州、新澤西州、西維吉尼亞州開始。隨著我們進入 2026 年，我們將開始關注這一節奏。顯然，對於我們的公用事業來說，獲得接近其允許的回報非常重要。因此，當他們部署資本時，我們需要確保透過提高基準利率及時實現復甦。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I was wondering just any thoughts you could give on as you're talking about these increased CapEx opportunities from both transmission and potentially on West Virginia generation? How does that impact the earnings growth outlook and the range that you've got as you consider out closer to the end of the decade?

我想知道，當您談論傳輸和西維吉尼亞州發電方面增加的資本支出機會時，您能給什麼想法嗎？當您考慮接近本世紀末時，這會對獲利成長前景和範圍產生什麼影響？

Yeah. David, we think of it as firming up the ability for us to be in that 6% to 8% earnings per share range over the planning period. People don't traditionally think of utilities as growth investments. But as we look at the opportunity to invest in our system, increasing CapEx over the period, it gives us real confidence that we'll solidly be in that 6% to 8% earnings per share growth range.

是的。大衛，我們認為這可以鞏固我們在規劃期內實現每股收益 6% 至 8% 的能力。人們傳統上並不認為公用事業是成長型投資。但當我們尋找投資系統的機會並在此期間增加資本支出時，我們真正有信心，我們將穩固地保持每股收益 6% 至 8% 的成長範圍。

Okay. Got it. And then I guess looking at the data center pipeline, I was wondering if you could refresh us on just the activity seems to continue to be very strong. And as you see more gigawatts maybe come in and firm up, I guess, is there a way to give any rule of thumb for how much increased transmission CapEx you could see going forward, like on a per gigawatt basis?

好的。知道了。然後我想看看資料中心管道，我想知道您是否可以告訴我們活動似乎繼續非常強勁。當您看到更多千兆瓦的電力進入並穩定下來時，我想，是否有辦法給出一個經驗法則來表明未來傳輸資本支出可能會增加多少，例如以每千兆瓦為基礎？

I think you've given that rule of thumb in the past, but the CapEx that you're adding to the plan here seems to be quite a bit stronger. So just wondering your current thoughts on as more and more data center activity continues to come to your service territory, what that could mean going forward?

我認為您過去曾給出過這個經驗法則，但您在此處添加到計劃中的資本支出似乎要強大得多。所以我想知道，隨著越來越多的資料中心活動繼續進入您的服務區域，您目前的想法是什麼，這對未來意味著什麼？

Yeah. Hi, David, it's Jon. So in total, right now, as we look at what's contracted and just our transmission CapEx program in total, I think you could say there's probably easily $1 billion of CapEx associated with transmission interconnection requests, whether that be direct connection projects or network upgrades to support large loads. So that's what we see now based on the contracted and active large load customers that we have.

是的。嗨，大衛，我是喬恩。因此，總的來說，現在，當我們查看已簽訂的合約以及我們的傳輸資本支出計劃總額時，我想您可以說與傳輸互連請求相關的資本支出很容易就達到 10 億美元，無論是直接連接項目還是支援大負載的網路升級。這就是我們根據已簽約和活躍的大負荷客戶所看到的情況。

But I think that will vary as we move into the future. And we've seen a wide range of capital deployment based on interconnection request depending on the location and the size.

但我認為，隨著我們走向未來，情況將會改變。我們已經看到，根據互連請求，根據地點和規模，存在廣泛的資本部署。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just a quick follow-up on the transmission CapEx point. Just as you continue to raise the upside opportunity there now at 30% this quarter. I guess, can you talk a little bit about what's giving you the confidence to do that? And ultimately, if we should be thinking about that as a floor looking into the 4Q update or if there's potential for further upside there?

也許只是對傳輸資本支出點進行快​​速跟進。正如您本季繼續將上漲機會提高至 30% 一樣。我想，您能否稍微談談是什麼讓您有信心這樣做？最後，我們是否應該將其視為第四季度更新的底線，或者是否還有進一步的上漲潛力？

Yeah. I think the upside that we mentioned that 30% for the next five-year plan is what we feel comfortable with at this point. And again, we're going to come out with that full CapEx plan early in '26, but I think that's what we would guide to be the number right now. As we think about that and where we're spending the transmission CapEx, about 60% of it is associated with reliability enhancements, upgrade health of system, replacing aging reliability type investments.

是的。我認為，我們提到的下一個五年計劃的 30% 的增長是我們目前感到滿意的。再說一次，我們將在 26 年初推出完整的資本支出計劃，但我認為這就是我們目前的指導數字。當我們考慮這一點以及我們在傳輸資本支出方面花費多少時，大約 60% 與可靠性增強、系統健康狀況升級、更換老化的可靠性類型投資有關。

And the 40% of it is what we call regulatory required. That's transmission interconnection requests and things like the PJM open windows. So we have some pretty good insight into where we're spending those dollars and what the increase will look like for the next five-year plan. So I'd expect it to be very, very close to that number.

其中 40% 是我們所謂的監管要求。這是傳輸互連請求和諸如 PJM 開啟視窗之類的事情。因此，我們對這些資金的用途以及下一個五年計畫的成長有相當深入的了解。所以我預計它會非常非常接近這個數字。

Great. Okay. That's really helpful. And then maybe just on the data center pipeline. I appreciate all the updates on that front. I guess just as we think about that contracted bucket, are you able to share how much of what is contracted is under an ESA versus another type of contractual agreement?

偉大的。好的。這真的很有幫助。然後可能只是在資料中心管道上。我很感謝這方面的所有更新。我想，正如我們思考的那個合約桶一樣，您能否分享一下合約中有多少是在 ESA 下簽訂的，有多少是在其他類型的合約協議下簽訂的？

Yeah. So that's a great question. Thank you, Carly. The ESA is usually the last thing that happens before power starts flowing. So that happens very late in the process traditionally. But making sure that they're contracted to either build the facilities that are needed to happen, that we put in place the credit support that they're going to need to make sure that they show up and take what we're spending. Those type of things happen earlier in the process. So we feel really confident once we have put them in that contracted category that they're going to show up even if we don't yet have an ESA signed.

是的。這是一個很好的問題。謝謝你，卡莉。ESA 通常是電力開始流動之前發生的最後一件事。因此，傳統上，這種情況會在流程的後期發生。但要確保他們簽訂了建設所需設施的合同，我們要為他們提供所需的信貸支持，以確保他們到場並承擔我們的支出。這些事情在過程的早期就發生了。因此，我們非常有信心，一旦我們將他們納入合約類別，即使我們尚未簽署 ESA，他們也會出現。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·託內特。

You touched on in your comments, I guess, the bill increases and the impact generation has had on that. And I was just wondering if you could expand a bit more there, I guess, on the appetite to build new generation elsewhere across PJM, if there is the proper underpinnings to it? And how do conversations look on that? And anything new to report there?

我想，您在評論中提到了帳單的增加以及發電量對此產生的影響。我只是想知道，您是否可以進一步闡述一下在 PJM 其他地方建立新一代的意願，是否有適當的基礎？對此，大家的談話是怎麼樣的呢？還有什麼新消息要檢舉嗎？

Yeah. So nothing new to report there, Jeremy. I mean, the place where we have a clear window, a supportive governor commission and legislature is in West Virginia. And so that's how we're able to move forward so quickly with those plans. The idea that we'd be building in any of the other states on a long-term basis would really just be speculative at this point.

是的。所以沒有什麼新消息可以報告，傑里米。我的意思是，我們有一個清晰的窗口，一個支持我們的州長委員會和立法機構的地方是西維吉尼亞州。這就是我們能夠如此迅速地推進這些計劃的原因。目前，我們長期在任何其他州建設的想法實際上只是一種推測。

Got it. Understood. And turning to Ohio. I was just wondering if you could expand any more there on the backdrop and talking about filing as soon as practical there, what that could look like?

知道了。明白了。然後轉向俄亥俄州。我只是想知道您是否可以進一步擴展背景並討論盡快提交文件，那會是什麼樣子？

Yes. So we expect the order on the base rate case during the fourth quarter. And we need to get that to see what the treatment of various aspects are in that base rate case. But given that we've been making investments in the state and want to continue making investments in that state since that test year, which ended in May of '24, we're going to have to go in right away given that we don't have trackers and riders in the state anymore.

是的。因此，我們預計第四季度基準利率將會有所下調。我們需要了解基準利率案例中各個面向的處理方式。但考慮到我們一直在該州進行投資，並且希望自 2024 年 5 月結束的測試年度以來繼續在該州進行投資，我們必須立即進入該州，因為該州不再有追蹤者和騎手了。

And so given the forward-looking nature of the multiyear rate plan, we think that's the perfect avenue to do it. And as soon as we know what our situation is coming out of that base rate case, we'll know what we need to file for, and we'll be going in right away.

因此，考慮到多年期利率計劃的前瞻性，我們認為這是實現這一目標的最佳途徑。一旦我們知道了基本利率案件的情況，我們就會知道需要提交什麼申請，然後我們就會立即採取行動。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine)。

Regarding the 30% CapEx upside in the prepared comments, what regions in PJM are you seeing the majority of the investment opportunity? And is there any cost inflation associated with the labor or equipment that is a component of that 30%?

關於準備好的評論中提到的 30% 資本支出上漲，您認為 PJM 的哪些地區擁有最多的投資機會？那麼，這 30% 中的勞動力或設備是否有成本通膨？

Yeah. I'd say most of that 30% is really associated with incremental work rather than inflationary proceeds -- impacts. And it's across the system in terms of where we're investing. It's in all five of our states, and I'd say fairly evenly distributed in those five as well. So -- it's broad-based. It's that reliability type investment. It's the regulatory required. It's the new customer hookups. It's the open windows. It's really broad-based, but it's incremental work that's driving that 30% increase.

是的。我想說，這 30% 中的大部分實際上與增量工作有關，而不是通貨膨脹收益的影響。就我們的投資而言，它是整個系統的。它遍布我們所有五個州，而且我想說它在這五個州的分佈也相當均勻。所以——它是廣泛的。這就是可靠性類型的投資。這是監管要求。這是新客戶的聯繫。那是打開的窗戶。它確實具有廣泛的基礎，但正是增量工作推動了 30% 的成長。

Okay. And then in terms of the load forecast embedded in your planning, do you have a lot of confidence in the visibility of those forecasts in light of some of the FERC and other PUC recent commentary on that front?

好的。那麼，就您規劃中嵌入的負載預測而言，鑑於聯邦能源管理委員會和其他公共事業委員會最近對此發表的一些評論，您是否對這些預測的可見性充滿信心？

We do, Ryan. So as we're looking at the planning period, the next five-year period. A lot of that is associated with what is contracted, not necessarily in the pipeline. So we have pretty good visibility into what the load forecast is going to be in that time frame. When you get out a little bit farther is when you're starting to look at the significant increases that we talked about with data center load and up to the 15 gigawatts.

是的，瑞安。因此，我們正在考慮規劃期，也就是下一個五年期。其中很多都與合約有關，而不一定與管道有關。因此，我們可以很好地了解該時間範圍內的負載預測情況。當你走得更遠一點時，你會開始看到我們討論過的資料中心負載的顯著增加，最高可達 15 千兆瓦。

As we're looking at those load increases, we're looking at things, various criteria, like does the developer own and control the land? Do they have building permits? Do they have development plans? Do they publicly announced what the project is going to be, who the customer is, all those things.

當我們考慮這些負載增加時，我們會考慮各種標準，例如開發商是否擁有並控制土地？他們有建築許可證嗎？他們有發展計劃嗎？他們是否公開宣布了專案內容、客戶是誰以及所有這些事情。

We look at those factors to get a comfort level in is the customer actually going to show up and does it make sense to put them in the pipeline? And it's that level of confidence that we have in that 15 gigawatts that we're talking about in the next 10 years.

我們考慮這些因素是為了確定客戶是否真的會出現，以及將他們放入管道是否有意義？我們對未來 10 年內所談論的 15 千兆瓦目標充滿信心。

Ross Fowler, Bank of America.

美國銀行的羅斯‧福勒。

Just maybe circling back to West Virginia. This is going to be a self-build. I think that's what you said on the call, if I caught it correctly. So as you file for CWIP and you go through that, how are you thinking about the supply chain connected to that 1.2 gigawatts? Do you have a turbine in the queue? Do you have a queue position? And kind of what are you seeing for pricing there? Because I know the turbine prices have increased over time.

也許只是回到西維吉尼亞州。這將是一次自建。如果我沒記錯的話，我想這就是你在電話裡說的話。那麼，當您申請 CWIP 並完成申請時，您如何考慮與 1.2 千兆瓦相關的供應鏈？您的隊列中有渦輪機嗎？你有排隊位置嗎？您認為那裡的定價是多少？因為我知道渦輪機的價格隨著時間的推移而上漲。

Yes. So that's all factored into what we've forecasted in the IRP, assuming it's going to be about $2.5 billion. And we haven't made a determination yet as to whether or not it's going to be build-own-transfer or self-build. We're going out with an RFP for the build-own transfer, and we'll see what that brings in. But we're also seeing things come in a little bit.

是的。因此，這些都已計入我們在 IRP 中的預測中，假設其金額約為 25 億美元。我們還沒有確定是建設-擁有-轉讓還是自建。我們正在發出建設-擁有轉讓的 RFP，看看它會帶來什麼結果。但我們也看到事情正在一點點進展。

So we're not seeing that four- to five-year that people have been talking about. We're seeing more of the three- to four-year lead time on major equipment. But the pricing remains pretty strong on that. We've not secured a space yet, but we think that we'll be able to do that given the regulatory framework that we have for getting approvals and getting the facility up and running in the 2031 time frame.

因此，我們並沒有看到人們所談論的四到五年。我們看到主要設備的交付週期越來越長，為三至四年。但其定價仍相當堅挺。我們尚未確定場地，但我們認為，鑑於我們擁有獲得批准並在 2031 年的時間範圍內啟動和運行該設施的監管框架，我們將能夠做到這一點。

And then -- and Jon, as you talked about rate case cadence, you talked about sort of New Jersey. I mean, obviously, Ohio is coming very soon as soon as practicable, but New Jersey might be next in that cadence as you wind through it.

然後 — — 喬恩，當你談到利率案例節奏時，你談到了新澤西州。我的意思是，顯然，俄亥俄州很快就會到來，但新澤西州可能緊隨其後。

How are you thinking about sort of the affordability pressures in that state? Obviously, it's been an issue in the governor's race. Is it well understood from your perspective in that state that most of that is coming from the generation portion of the bill or kind of contextualize that for us a little bit?

您如何看待該州的負擔能力壓力？顯然，這已成為州長競選的一個議題。從您在該州的角度來看，是否可以很好地理解其中大部分來自法案的生成部分，或者可以為我們稍微解釋一下嗎？

We think that's well understood that generation is really what's driving so much of that increase. At the end of the day, as a political issue, though, that doesn't much matter. People see their bills going up and are concerned about that. And we're trying to do everything we can in our power to keep those bills as low as possible for the portions that we control.

我們認為，人們已經充分認識到，這一代人才是推動這一成長的真正動力。但歸根結底，作為一個政治問題，這並不重要。人們看到自己的帳單不斷上漲，並對此感到擔憂。我們正在盡一切努力將我們控制的部分費用保持在盡可能低的水平。

And so we're being very thoughtful about how we're spending our O&M. We're advocating on behalf of our customers to stop the madness that is these PJM capacity auctions right now, which are paying for new generation that's just not showing up, and we don't think it's appropriate that our customers bear that kind of burden. So we're doing everything we can to try and mitigate the impact of the higher generation costs, but we think it's well understood that that's where the increases in those rates are coming from.

因此，我們非常認真地考慮如何花費我們的營運和維護費用。我們代表客戶呼籲停止 PJM 容量拍賣這種瘋狂行為，這種拍賣為尚未出現的新一代電力支付了費用，我們認為讓客戶承擔這種負擔是不合適的。因此，我們正在盡一切努力嘗試減輕發電成本上升的影響，但我們認為，人們很清楚這就是這些費率上漲的原因。

Steven Fleishman, Wolfe Research.

史蒂文‧弗萊什曼，沃爾夫研究公司。

Just a quick follow-up on the transmission upside, the 18% rate base growth. When we're going to get these open window outcomes and such over the next few months or start seeing them, should we assume those are embedded in there already? Or would those be upside to that? Or how should we think about as we see these announcements?

只需快速跟進傳輸上行趨勢，即 18% 的利率基數成長。當我們在接下來的幾個月裡獲得這些開放視窗結果等或開始看到它們時，我們是否應該假設它們已經嵌入其中了？或者說這些會是好處嗎？或者說，當我們看見這些公告時，我們該如何思考？

Steve, we put a very modest amount in there, but it's our practice to not put things in the plan until we have the approvals that are needed from PJM. But in this case, we put a very modest amount in there.

史蒂夫，我們投入的金額非常少，但我們的慣例是，在獲得 PJM 所需的批准之前，不會將任何東西納入計劃。但在這種情況下，我們只投入了非常少量的資金。

Yeah. And I would say, as I mentioned in my prepared remarks, the portfolio is what we call resilient. So we have hundreds and hundreds of projects that we can fill in as needed, all needed for reliability purposes. So depending on how things shake out with the open window, which, quite frankly, we feel really good about the solutions that we submitted in the open window process, our track record, where the congestion constraints are, and we feel really good about our prospects there. But to the extent that anything varies from our plan, we have a resilient portfolio.

是的。我想說，正如我在準備好的發言中提到的那樣，投資組合就是我們所說的有彈性的。因此，我們有成百上千個項目可以根據需要填寫，所有這些都是為了可靠性的目的。因此，這取決於開放窗口期的情況如何，坦白說，我們對在開放窗口期過程中提交的解決方案、我們的業績記錄、擁堵限制在哪裡感到非常滿意，我們對那裡的前景感到非常滿意。但即使情況與我們的計畫有出入，我們的投資組合仍具有彈性。

Okay. And then just to clarify that answer because there's the plan right now, then there's the upside plan or the next plan we're going to get. So when you made your comments, Brian, is that relative to the next plan or the current plan, I guess.

好的。然後只是為了澄清這個答案，因為現在有計劃，然後有上行計劃或我們將要得到的下一個計劃。所以，布萊恩，當你發表評論時，我猜這是與下一個計劃還是當前計劃有關。

TAhat makes sense. The 30% increase that we talked about, there is a very modest amount from the pending PJM open window that's in there. So if we get significant incremental awards from that, we'll be refreshing that plan.

TAhat 很有道理。我們談到的 30% 的增長，是來自 PJM 即將開放的窗口的非常適度的數額。因此，如果我們從中獲得大量增量獎勵，我們就會更新該計劃。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

First, a question on the CapEx update, and this is sort of a high-level question, but you're talking about very meaningful upside to the transmission CapEx. The West Virginia IRP is calling for a lot of spending there, plus you have the Ohio rate case. My question is, when we look at the update coming in a few months, are you expecting to reallocate some spending away from the other segments and businesses?

首先，關於資本支出更新的問題，這是一個高層次的問題，但您談論的是傳輸資本支出非常有意義的上升空間。西維吉尼亞州 IRP 要求在那裡投入大量資金，此外還有俄亥俄州的利率案例。我的問題是，當我們展望幾個月後的更新時，您是否希望從其他部門和業務中重新分配一些支出？

Or do you think the balance sheet and the labor force could handle what might be a pretty sizable increase for the plan overall? I don't know if the whole $28 billion plan is going to go up by 30%, maybe it will. But how do you think about limiting factors for the upcoming increase?

或者您認為資產負債表和勞動力能夠應對整個計劃中可能出現的相當大的增長嗎？我不知道整個 280 億美元的計劃是否會增加 30%，也許會。但您如何看待即將到來的成長的限制因素？

Yeah. We don't see taking from one jurisdiction at this point and giving to another. We see increases across the jurisdictions. But Andrew, we've already factored in the needs of the various jurisdictions, the opportunities in the various jurisdictions. And to be honest with you, they're all different. And that's why we put in place the management structure that we have with the presidents, five presidents overseeing those five properties that we own so that they're very thoughtful about what's going in.

是的。目前，我們還沒有看到從一個司法管轄區拿走東西然後給予另一個司法管轄區的情況。我們看到各個司法管轄區的情況都在增加。但是安德魯，我們已經考慮到了各個司法管轄區的需求和各個司法管轄區的機會。老實說，它們都是不同的。這就是為什麼我們建立了這樣的管理結構，由五位總裁負責管理我們擁有的五處房產，這樣他們就能非常周到地考慮正在發生的事情。

Do we need energy efficiency in one jurisdiction that we don't need in another. Just things like that so that our CapEx plan is very, very tightly tailored to each of the jurisdictions that we serve, and that's what goes into how we put our plan together. We're not -- we don't view the plans that we're talking about, the West Virginia and the incremental transmission is taking away from another jurisdiction, but we view that as all expansive across our five jurisdictions.

我們是否在一個司法管轄區需要能源效率，而在另一個司法管轄區則不需要？諸如此類的事情，使我們的資本支出計劃非常、非常緊密地適應我們服務的每個司法管轄區，這就是我們制定計劃的方式。我們並不認為我們正在討論的計劃、西維吉尼亞州和增量傳輸正在從另一個司法管轄區奪走，但我們認為這一切都將擴展到我們的五個司法管轄區。

Okay. Great. And then I think on the industrial load, Jon, you made a comment about that accelerating in the fourth quarter and into next year. I think you said that was specific to some data center customers ramping up. Can you speak more broadly? I think I may have asked you this on prior calls as well, but it sounds like generally flattish for the industrial customers. Maybe you can talk about trends in the outlook outside of the specific data center ramping.

好的。偉大的。然後我認為，關於工業負荷，喬恩，你評論說第四季和明年工業負荷將會加速。我認為您說的是針對一些正在擴大規模的資料中心客戶。你能更廣泛地講一下嗎？我想我可能在之前的電話中也問過您這個問題，但對於工業客戶來說，這聽起來總體上是持平的。也許您可以談談特定資料中心發展之外的前景趨勢。

Yeah. I think we -- yes, we are starting to see a little bit of rebound in fabricated metals and steel manufacturing. So that has been kind of a headwind for us over the past few quarters. We're starting to see that come back a little bit. But I think as we move into the fourth quarter and especially into next year, you'll start to see meaningful increases in industrial load, mainly from data centers. And I'm talking like mid-single digits by the time we get to maybe Q2 to maybe even higher than that, significantly higher than that by the time we get to the fourth quarter of next year.

是的。我認為——是的，我們開始看到金屬製品和鋼鐵製造業出現一些反彈。因此，在過去的幾個季度裡，這對我們來說是一種阻力。我們開始看到這種情況有所回升。但我認為，隨著我們進入第四季度，特別是明年，您將開始看到工業負荷的顯著增長，主要來自資料中心。我說的是到第二季時，成長率可能會達到個位數的中等水平，到明年第四季時，成長率可能會更高，甚至大幅提高。

Sophie Karp, KeyBanc Capital Markets.

索菲·卡普 (Sophie Karp)，KeyBanc 資本市場。

How do you envision a response on the state level from policymakers to these rising consumer energy costs?

您認為州級的政策制定者將如何因應消費者能源成本的上漲？

I think people are concerned about it, as are we, and that's why we're engaging with regulators, legislators, and others to both, a, point out what is causing the increase and, b, trying to work with them on mitigating those increases and what are things that we think makes sense for our customers.

我認為人們和我們一樣對此感到擔憂，這就是為什麼我們要與監管機構、立法機構和其他機構合作，a，指出導致費用增加的原因，b，嘗試與他們合作減輕費用增加的影響，並採取我們認為對客戶有意義的措施。

And so again, we are not advocates of continuing this madness of the PJM capacity auctions that are paying people for new capacity that they're not getting and look for other mechanisms like a two-tiered structure, one that would pay existing capacity one price and have another structure that would attract incremental capacity and any other ways that we can attract new capacity and have customers actually get what it is they're paying for.

因此，我們再次強調，我們不主張繼續進行 PJM 容量拍賣這種瘋狂的做法，即向人們支付他們無法獲得的新容量的費用，我們正在尋找其他機制，例如雙層結構，一種以一個價格支付現有容量，另一種結構來吸引增量容量，以及任何其他可以吸引新容量並讓客戶真正得到他們所支付的費用的方式。

But we're concerned about increases in customer bills and again, making sure that customers get what it is they're paying for and with the capacity auctions, that's not happening.

但我們擔心客戶帳單的增加，再次確保客戶得到他們所支付的服務，並且透過容量拍賣，這種情況不會發生。

And do you think there's enough, I guess, momentum behind these efforts now for them to come up in the next legislative sessions?

您是否認為，現在這些努力的勢頭是否足以讓它們在下屆立法會議中得到落實？

Yeah. I think there's certainly a lot of attention being paid to it across all of our unregulated jurisdictions. And so yes, I think we'll see people starting to take notice, have plans for mitigation and start enacting those in the near term.

是的。我認為所有不受監管的司法管轄區肯定會對此給予高度關注。所以是的，我認為我們會看到人們開始注意到這一點，制定緩解計劃並在短期內開始實施。

Anthony Crowdell, Mizuho Securities.

瑞穗證券的安東尼克勞德爾。

I just wanted to -- and I apologize, I just may have not understood it. A response to Carly's question and a response to Steve's question. On Carly's question, and when I think you were talking about CapEx, it seemed that you were more looking at these additional projects are going to strengthen and lengthen the current 6% to 8% plan. And again, I don't want to front-run your fourth quarter call.

我只是想——抱歉，我可能還沒理解。對卡莉的問題的回答和對史蒂夫的問題的回答。關於卡莉的問題，我認為您在談論資本支出時，似乎您更關注的是這些額外的項目將加強和延長當前的 6% 到 8% 的計劃。再說一次，我不想搶先發布你的第四季財報。

But then on Steve's question, I think you talked about your current plan is very modest with very little of this additional CapEx in there, leading that there's actually potential for a big change in that growth rate. I wonder if you could help me connect the two dots there.

但關於史蒂夫的問題，我認為您談到的當前計劃非常溫和，其中的額外資本支出非常少，這導致增長率實際上有可能發生巨大變化。我想知道您是否能幫助我將這兩個點連接起來。

Yes. So thank you for the question, Anthony, if there was any confusion around this. This increase in CapEx that we're talking about gives us extreme confidence in the 6% to 8% earnings per share growth range. So we would like to be in the upper end of that, but we're not at a point today where we are going to change that growth rate. But it gives us considerably more confidence to be in the upper part of that range.

是的。安東尼，謝謝你的提問，如果對此有任何疑問的話。我們談論的資本支出增加讓我們對每股盈餘成長 6% 至 8% 非常有信心。因此，我們希望達到這個水準的上限，但目前我們還沒有達到改變這個成長率的程度。但它給了我們更大的信心，讓我們處於該範圍的上限。

So in response to Steve's question, the increase that we're talking about is in the 6% to 8% growth. The specific part that I was talking about with Steve was the PJM transmission open window component that's pending. We have a very modest amount for that, that we think that we will be awarded. If it's higher than that, that will be incremental to the plan.

因此，在回答史蒂夫的問題時，我們談論的成長是 6% 到 8% 的成長。我與史蒂夫討論的具體部分是尚未解決的 PJM 變速箱開窗組件。我們為此付出的金額非常有限，我們認為我們會獲得獎勵。如果高於這個數字，那麼該計劃將會增加。

But in any event, we don't see us changing the earnings per share growth rate that we've guided to, but the CapEx plan that we talked about and the increase in it gives us confidence to be in that range and targeting the upper end of that range. Does that answer the question?

但無論如何，我們不會改變我們指導的每股盈餘成長率，但我們討論的資本支出計劃及其成長使我們有信心達到該範圍並瞄準該範圍的上限。這回答了問題嗎？

Yeah. So if you're better than your plan in the PJM open window, there's more of a bias towards the upper end of the range of the 6%. Is that fair?

是的。因此，如果您在 PJM 開放視窗中的表現優於您的計劃，那麼就會更傾向於 6% 範圍的上限。這樣公平嗎？

No, no, no. Let me -- again, I don't want you to put words in my mouth. The existing plan and the increase that we're talking about is in the plan and gives us the confidence to be in the upper end of that range. If we get something more than what we talked about in the open window, we'll factor that into the plan, and we don't expect us to take it out of the plan, but we're already expecting to be confidently in the 6% to 8% range, and we're targeting the upper half of it, regardless of what happens with the PJM open window.

不，不，不。讓我——再說一遍，我不想讓你把話塞到我嘴裡。現有的計劃和我們正在討論的增長都在計劃中，這使我們有信心處於該範圍的上限。如果我們得到的收益超出了我們在開放窗口中討論的範圍，我們會將其納入計劃，並且我們不希望將其從計劃中刪除，但我們已經很有信心地預期收益會在 6% 到 8% 的範圍內，並且我們的目標是達到其中的上半部分，無論 PJM 開放窗口發生什麼。

Great. Got it. And then just one housekeeping item. On large load tariffs, are you guys -- I just apologize, I'm not familiar with every state you're operating in. But are you guys applying for large load tariffs? Or are they all in place as this growth is hitting the PJM service territory?

偉大的。知道了。然後只剩下一件家事了。關於大負荷關稅，你們——我很抱歉，我不熟悉你們經營的每個州。但你們申請的是大負荷關稅嗎？或者，當這種成長衝擊 PJM 服務區域時，它們是否都已到位？

Yes. So we don't see the need for them the way our tariffs work. We think that we can enter into terms and conditions that make the data center developers responsible for the incremental investment that we're making and protect our existing customers. So we see others doing that, and they may not have the flexibility that we do in our existing tariffs and contract structures.

是的。因此，我們認為，按照我們的關稅制度，沒有必要徵收這些稅。我們認為，我們可以達成一些條款和條件，讓資料中心開發商對我們所做的增量投資負責，並保護我們現有的客戶。因此，我們看到其他人也這樣做，但他們可能沒有我們現有關稅和合約結構所具有的靈活性。

And it's not something that we see the need for today. If that changes going forward, we'll evaluate that and make changes at the time.

而我們認為今天我們不需要它。如果情況發生變化，我們將進行評估並及時做出改變。

This concludes the Q&A session. I'd like to turn the call back over to Brian Tierney for closing remarks.

問答環節到此結束。我想將電話轉回給 Brian Tierney 做最後發言。

Great. Thank you all for joining us today, and thank you for your interest in FirstEnergy. We look forward to seeing many of you at the EEI conference in a few weeks, and we hope you have a safe and enjoyable rest of your week. Take care.

偉大的。感謝大家今天的參與，也感謝大家對 FirstEnergy 的關注。我們期待幾週後在 EEI 會議上見到你們，並希望你們本週剩餘時間過得安全愉快。小心。

This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。我們感謝您的參與。